Dieter Vogel, chairman of Bertelsmann’s supervisory board, called Milberg and Sorensen “a good match for Bertelsmann because they represent a combination of commercial success and corporate responsibility, along with high powers of innovation and a strong focus on employees.”

Deutsche Bank is facing a legal challenge from Kirch, who blames Breuer for the collapse of his media empire.

Kirch claims that comments by Breuer in February 2002, when he was CEO of Deutsche Bank, deterred other lenders from extending credit to his company. Kirch Media filed for insolvency shortly thereafter, crushed by $5.7 billion of debt and mounting losses.